U.S. attorney - All posts tagged U.S. attorney

One major money manager has dropped the banking sector from its portfolio.

Cumberland Advisors, headed by chairman and chief investment officer David Kotok, has announced it will be underweight in banks — moving from overweight – and financials going forward, citing a simple reason: too much litigation and scrutiny from the government.

The U.S. Attorney General “threatens banks in a public forum with statements suggesting that no bank is too big to indict,” said the money manager.

In an indictment filed Tuesday against key figures in the case comes the first narrative that chronologically organizes the details of the final days of the Madoff Ponzi scheme. It suggests that as many as a half dozen employees of the investment company were aware of irregularities in the books, and a few actively worked to cover up the fraud for years.

Prosecutors allege that in early November 2008 the conspirators worked to dole out the remaining cash, more than a month before Madoff was turned in by his sons.

The U.S. Attorney’s case alleges 22 counts against five former officers including Daniel Bonventre, a former director, Annette Bongiorno, Madoff’s secretary, Joann Crupi, an accounting clerk, Jerome O’Hara, a 10-year veteran of the firm and George Perez.

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